It looks like $13 a share was an ideal price for the initial public offering of Data Return, after all. Data Return, which provides Web hosting services based on Microsoft’s operating systems, priced 6.25 million shares at $13, above its revised range of $10 to $12 and at the top end of its original range of $11 to $13.
In addition to an alliance with Microsoft, Data Return, which was founded by former Microsoft employees, has partnerships with Cisco Systems and Compaq. Last Friday, the initial public offering of Data Return competitor NaviSite, which is backed by CMGI, went public at $14 and closed its first day of trading at 34-5/8. Don’t be surprised if Data Return has a similar Day 1 performance today.